Nigeria's Crypto Inflows Reach $59 Billion in 2024

According to a report by the International Monetary Fund (IMF), Nigeria received about $59 billion in crypto asset inflows between July 2023 and June 2024. The report indicates that Nigeria accounts for roughly 60 percent of all stablecoin inflows into sub-Saharan Africa since 2019, with the inflows driven mainly by households and small businesses rather than institutional trading.

The naira's depreciation, losing over 40 percent of its value against the dollar in 2024, and high remittance costs, averaging 5 to 8 percent per transfer, have contributed to this trend. Bitget Wallet, a self-custodial crypto wallet, has surpassed 100 million users globally, with daily payment users now outnumbering traders.

The platform launched a direct bank transfer feature in Nigeria in November 2025, allowing stablecoins like USDT and USDC to be converted into naira. Alvin Kan, Chief Operating Officer of Bitget Wallet, stated that users in Nigeria view this as routine finance rather than crypto trading.